Some great information from the draft FAQ:
Is Star Citizen an MMO?
No! Star Citizen will take the best of all possible worlds, ranging from a permanent, persistent world similar to those found in MMOs to an offline, single player campaign like those found in the Wing Commander series. The game will include the option for private servers, like Freelancer, and will offer plenty of opportunities for players who are interested in modding the content. Unlike many games, none of these aspects is an afterthought: they all combine to form the core of the Star Citizen experience.
How will modding work?
Players will be given full control of their game! When operating private servers, players will be able and encouraged to mod the game. It doesn’t stop there, though: we hope to institute a ‘mod approval’ process that will allow the best of the best player created ships and other additions to be integrated into the central persistent world as well.
Is Star Citizen “free to play”? A subscription game?
To play Star Citizen you need only to buy the initial game. There will never be a monthly charge for usage. Some in-game items may be available as microtransactions, but we will NEVER sell anything that can’t be acquired through honest (and fun!) gameplay.
Can you estimate the system requirements for Star Citizen?
There will be a lot of optimization in the next 24-months, plus the usual fast pace of technology, so it is hard to say absolutely. At the moment you will be able to play it on a 4GB dual core PC with a GTX 460 or greater, but not with full fidelity. If you’re running an i7 2500, 2600, 2700 or better with a GTX 670 or greater you will get the full experience and we will only scale up from there. You will need a dedicated GPU. Since the game is built on CryEngine, their system requirements will stay roughly the same as ours.
Mod support (with popular mods possibly being added officially), support for private servers, and single-player mode without having to go online... I'm definitely going to buy a new gaming PC for this game.